You need a guaranteed W2 income to use toward qualifying for financing.Income as a agent is not consistent enough and if we enter a down turn in the markets your income, as a agent, would dry up.Alternately I would suggest you move to where your skill set will provide you with construction employment.

My biggest concern is getting things in writing in some sort of a contract so he can't sell the place out from under me while I'm doing the rehab or once I'm done leaving me high and dry with no profit.  

It's also VERY dry and has been for decent off market stuff.

I'd definitely say you need to plan on additional expenses upfront such as: permitting fees, extra holding time if there are permitting issues, all the little things in the drawers and kitchen etc, hot tub, amenities such as toilet paper, spices, laundry detergent, dish soap, shampoo and conditioner etc. - stuff you need to restock and have on hand.

That stuff is dry as dust if you do it online by yourself. 

Should be pretty cut and dry with him.The house is 4 tenants renting individual rooms in a month to month rental agreement.

Like he says though, its a "dry" heat.Don't wish anything bad on Phoenix, but it took a real nose dive the last hit.Sell your house. 

I'm not sure you'll get a cut and dry answer in this forum.

It seems with Covid much of the commercial financing had dried up.  

Also our floor stain was lighter than we expected so we had to do two coats, which took forever to dry and we ended up having to reschedule a ton of showings.